$BTC Regulatory Framework and Classification Clarified: The cryptocurrency regulatory draft released by the U.S. House of Representatives before the hearing on May 6 clarifies the regulatory classification system for digital assets, using standards such as the Howey Test to determine whether digital assets are securities or commodities, thereby delineating the regulatory boundaries of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC)[^0^]. Stablecoin Regulation Priority: This draft, in conjunction with the previously promoted stablecoin legislation, clarifies the issuance and reserve requirements for U.S. dollar-pegged stablecoins, responding to the Trump administration's goal of completing legislation by August[^1^].